TEN Announces Charter Extensions for Tankers

Thursday, June 12, 2008

Tsakos Energy Navigation Limited announced a two-year time-charter extensions for two Aframax product tankers to Neste Oil of , the original charterers. The charters are comprised of a minimum rate and 50:50 profit share if rates exceed that level. The charters, assuming only the minimum rate, are expected to generate gross revenues in excess of $42.5 million over the corresponding period. The vessels are expected to commence their new employment upon expiration of the existing charters in July and October of this year. In order to conform with the company's balanced employment strategy, a third sister vessel will enter the spot market.

Of TEN's 44 vessel operating fleet, 31 have flexible charters with the ability to take advantage of market peaks and enhance the fleet's earnings potential while 40 of these 44 vessels have fixed employment of various types that provide employment irrespective of market cycles.

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter May 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Tanker Trends

Statoil Says Sees European Gas Prices Bottoming Out

Norway's Statoil does not expect European gas prices to fall much further as rising demand from the power generation sector would offset an expected increase in liquefied natural gas (LNG) supply,

Nordic Shipholding Profits below Market Expectations

For the 3 months ended 31 March 2016, Nordic Shipholding A/S generated a profit after tax of USD 1.5 million, compared to USD 2.7 million in the same quarter last year.

Euroseas Faces Headwinds, Reports Loss

Euroseas Ltd. (NASDAQ: ESEA), an owner and operator of drybulk and container carrier vessels and provider of seaborne transportation for drybulk and containerized cargoes,

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Maritime Standards Navigation Offshore Oil Ship Electronics Ship Simulators Shipbuilding / Vessel Construction Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.0593 sec (17 req/sec)